22 September 2009 06:39 [Source: ICIS news]
SINGAPORE--The Asian Development Bank (ADB) nudged up its growth forecast for emerging Asia this year to 3.9% from 3.4%, citing better-than-expected resilience exhibited by ?xml:namespace>
In its Asian Development Outlook (ADO) 2009 report released on Tuesday, the multilateral institution also turned a bit more optimistic on the region’s prospects next year, projecting a 6.4% economic expansion from a 6.0% forecast in March.
"Despite worsening conditions in the global economic environment, developing
Lee, however, warned against hasty withdrawal of stimulus packages that “can degrade the region’s ongoing recovery”.
The upward adjustment in growth forecast was notable in East Asia to 4.4% this year from 3.6% previously, much of it was due to
In March, ADB was forecasting
The economies of Hong Kong and
ADB projects a faster growth of 5.6% for
“The subregion's limited reliance on trade partly shielded it from the adverse effects of the global slump,” the ADB said.
“Bleaker prospects are projected for the
The outlook for southeast Asia, on the other hand, turned grimmer, with growth of only 0.1% being projected from 0.7% previously.
“The more positive outlook for
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